Summary: The Insurance Regulatory and Development Authority of India (IRDAI) has announced continued measures to facilitate the smooth and consistent implementation of Indian Accounting Standards (Ind AS) across the insurance sector. Following amendments to the IRDAI (Actuarial, Finance and Investment Functions of Insurers) Regulations, 2024, applicable Ind AS implementation commenced from 1 April 2026. IRDAI issued the “Implementation of Indian Accounting Standards (Ind AS) by Insurers” circular dated 1 April 2026 and subsequent “Clarifications on Implementation of Indian Accounting Standards (Ind AS) by Insurers” circular dated 14 July 2026.
As stated in the press release, 11 insurers have implemented Ind AS from FY 2026-27. SBI General Insurance Company Limited, Niva Bupa Health Insurance Company Limited and Star Health and Allied Insurance Company Limited have already submitted their first-quarter FY 2026-27 financial numbers under Ind AS. The insurers include life, general and health insurers and a Foreign Reinsurance Branch. IRDAI is monitoring insurers granted forbearance and scheduled to implement Ind AS from FY 2027-28 through Board-approved monthly implementation milestones. The Authority also highlighted its continued engagement with the industry and the role of the Joint Expert Group comprising IRDAI, NFRA, SEBI, ICAI and IAI in addressing emerging implementation issues. The adoption is expected to strengthen financial reporting and governance and provide stakeholders with more transparent and meaningful information on financial performance and position.
Insurance Regulatory and Development Authority of India
Press Release | 9 September, 2026
IRDAI facilitates implementation of Ind AS; 11 insurers adopt Ind AS from FY 2026-27
The Insurance Regulatory and Development Authority of India (IRDAI) continues to facilitate the smooth and consistent implementation of Indian Accounting Standards (Ind AS) across the insurance sector, marking a significant step towards enhancing transparency, comparability and quality of financial reporting.
Following the amendment of the Insurance Regulatory and Development Authority of India (Actuarial, Finance and Investment Functions of Insurers) Regulations, 2024, to provide for the implementation of applicable Ind AS by insurers with effect from 1 April 2026, IRDAI has undertaken several measures to support the industry through the transition.
As part of these efforts, IRDAI issued the “Implementation of Indian Accounting Standards (Ind AS) by Insurers” circular dated 1 April 2026 and the “Clarifications on Implementation of Indian Accounting Standards (Ind AS) by Insurers” circular dated 14 July 2026, providing clarifications on various aspects of Ind AS implementation. IRDAI, in collaboration with the Institute of Chartered Accountants of India (ICAI) and the Institute of Actuaries of India (IAI), organised a dedicated workshop on Ind AS implementation for Chief Financial Officers and Appointed Actuaries of insurers on 5 June 2026 in Mumbai. The workshop provided a platform for sharing technical perspectives, addressing implementation-related issues and strengthening coordination between the finance and actuarial functions.
Reflecting the progress made by the industry, 11 insurers have implemented Ind AS from FY 2026-27. Among these insurers, SBI General Insurance Company Limited, Niva Bupa Health Insurance Company Limited and Star Health and Allied Insurance Company Limited have already submitted their financial numbers for the first quarter of FY 2026-27 under Ind AS, marking an important milestone in the transition and demonstrating the industry’s progress towards reporting under the new accounting framework. IRDAI appreciates and acknowledges the efforts of all 11 insurers in undertaking the transition to Ind AS:
Life Insurers
- Acko Life Insurance Limited
- Tata AIA Life Insurance Company Limited
General Insurers
- Acko General Insurance Limited
- Kiwi General Insurance Limited
- SBI General Insurance Company Limited
- ECGC Limited
Health Insurers
- Aditya Birla Health Insurance Company Limited
- Niva Bupa Health Insurance Company Limited
- Star Health and Allied Insurance Company Limited
- Galaxy Health Insurance Company Limited
Foreign Reinsurance Branch (FRB)
- XL Insurance Company SE, India Reinsurance Branch (Axa XL)
The insurers that have been granted forbearance and are scheduled to implement Ind AS from FY 2027-28 are being closely monitored by IRDAI as per their Board Approved monthly implementation milestones. The Authority is engaging with insurers on an ongoing basis, with any challenges or delays in implementation being discussed with the insurers and appropriate sensitisation being undertaken to ensure that implementation remains on track for FY 2027-28.
The adoption of Ind AS is expected to strengthen financial reporting and governance in the insurance sector and provide stakeholders with more transparent and meaningful information on financial performance and position. IRDAI recognises that implementation is a significant exercise requiring close coordination across finance, actuarial, investment, technology and other functions of insurers.
IRDAI will continue to work closely with the industry and leverage the Joint Expert Group comprising IRDAI, NFRA, SEBI, ICAI and IAI to address emerging issues and facilitate consistent implementation. The Authority remains committed to working closely with the industry throughout the transition, providing necessary clarifications and capacity-building initiatives to enable a smooth and robust adoption of Ind AS across the insurance sector.
